Independence Group’s profits fall due to asset depreciation

Company News

by Anna Napoli

Mining and exploration company Independence Group (ASX:IGO ) has reported its net profit after tax (NPAT) decreased by 84 per cent to $3.2 million for the half year to December 2017.

Meantime, the company delivered revenue growth of 59 per cent on the same period the previous year to $355 million.

Independence Group's underlying earnings (EBITDA) margin also increased by 63 per cent to $133 million.

The directors have declared an interim dividend of 1 cent per share fully franked

The company says net profit was lower than expected due to $70 million dollar depreciation and amortization changes of the Nova operation.

Shares in IGO (ASX:IGO) closed down 0.82% to $4.86

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.